By Kwanwoo Jun


LG Energy Solution Ltd. on Wednesday raised its 2022 revenue target by 14% on solid growth in its electric-vehicle battery business especially in the U.S.

The South Korean battery maker now expects its annual revenue to 25 trillion Korean won ($17.52 billion), up from its earlier forecast of KRW22 trillion, this year.

The upgraded 2022 revenue outlook would be compared with KRW17.852 trillion in 2021, according to FactSet.

LG Energy Solution, which supplies EV batteries to Tesla Inc., General Motors Co. and Ford Motor Co., said it expects the EV markets in North America to grow an average of 33% annually until 2030, faster than the pace of growth in China and Europe.

The South Korean company keeps expanding its EV battery joint ventures in North America, forecasting its annual battery production capacity there will likely reach up to 260 gigawatt hours by 2025.

The company earlier in the day reported its third-quarter revenue jumped 90% on year to KRW7.648 trillion. It posted a net profit of KRW187.70 billion for the quarter ended in September, a turnaround from a loss for the same period a year earlier.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

10-26-22 0020ET